Girgit Shark Tank India Update (Season 2)

Girgit Store is a Mumbai-based startup that specializes in color-changing apparel and accessories. Their product lineup includes footwear, shorts, masks, watch bands, T-shirts, and a Magic Bottle, all of which change color when exposed to sunlight, air, or water.

The Magic Bottle is priced at ₹750, while sneakers range from ₹2,000 to ₹3,000, with prices varying based on the size of the product.

 Another Shark Tank India Pitch

• Stage OTT

Pooja Bajaj Shah is the founder and CEO of Girgit Store, which she started during the pandemic. She received significant support from her husband in running the business.

How Was The Shark Tank India Pitch Of Girgit?

Pooja Bajaj Shah and Binoy Shah appeared on Shark Tank with their company, Girgit Store, seeking ₹20 lakhs for 10% equity. They delivered a strong presentation, explaining their unique product offering—color-changing apparel and accessories. The company sells kids’ shoes for ₹2,000 and adult shoes for ₹3,000. This type of product has yet to be introduced in India, making them pioneers in the market.

In just one year, they achieved sales of ₹58 lakhs, with a gross margin of 79%. Their sales for June, July, and August 2022 were ₹5 lakhs, ₹7.5 lakhs, and ₹8.5 lakhs, respectively. A significant 65% of their sales come through WhatsApp marketing, while they spend ₹30,000 per month on Instagram ads.

Despite their success, several sharks had concerns. Peyush Bansal declined due to concerns about scaling, Vineeta Singh felt it was a limited-time business, Aman Gupta shared similar concerns about scalability, and Anupam Mittal said he didn’t see a clear path to growing the business.

Namita Thapar, however, made an offer of ₹20 lakhs for 20% equity at a ₹1 crore valuation. The entrepreneurs countered with ₹20 lakhs for 15% equity at a ₹1.33 crore valuation, but Namita held firm, citing concerns about investor exits. Ultimately, the entrepreneurs accepted Namita’s original offer of ₹20 lakhs for 20% equity.

Finalize: Namita Thapar invested ₹20 Lakhs in the “Girgit Store” for 20% equity.

Girgit Shark Tank India Update

Girgit Store secured a deal on Shark Tank India, with Namita Thapar investing ₹20 lakhs in exchange for 20% equity in the company. Girgit is India’s first company specializing in color-changing apparel products, a concept gaining traction globally. Notably, Nike has also experimented with color-changing sneakers, which shift from purple to blue when exposed to sunlight.

Girgit’s total sales for the past year reached ₹58 lakhs, with June, July, and August 2022 accounting for ₹21 lakhs. After the Shark Tank episode aired, the company saw a surge in website traffic, with thousands of visitors showing interest in their products.

We continue to follow Pooja Bajaj Shah and Binoy Shah, along with Girgit Store, for further updates on the company’s growth and future ventures.

What Is Girgit Net Worth?

Girgit Stores was initially valued at ₹1 crore, but after appearing on Shark Tank India, the company sought a valuation of ₹2 crores. However, based on its annual sales performance, the deal was finalized at a ₹1 crore valuation.

Color-changing products are a niche category, especially popular among kids. These products have strong potential in children’s stores like Hopscotch and Firstcry. Despite being launched in 2021, Girgit achieved impressive sales in just one year. According to the founders, the majority of their sales come from WhatsApp marketing, with only ₹30,000 spent monthly on other marketing efforts.

As more people learn about this business, it’s expected that new startups will emerge in this space, leading to increased competition in India’s color-changing product niche.

Yes, Girgit is still in business as of April 2024.